The US Securities and Exchange Commission (SEC) is reviewing its prior actions towards cryptocurrency firms, seen as a shift towards a more crypto-friendly stance.
SEC's Changing Stance on Crypto
In a 'Bloomberg Crypto' interview, SEC Commissioner Hester Peirce revealed that enforcement actions have been used to set regulatory policies, which is atypical. Peirce stated that the SEC aims to use its other tools to shape policy.
Legal Battles and Regulatory Tensions
Crypto firms such as Uniswap, Consensys, Robinhood, and Crypto.com have received Wells Notices from the SEC, leading to increased regulatory tensions. Despite criticism, SEC Chair Gary Gensler maintained that the crypto industry is a small part of the overall markets but a large part of scams and market problems.
Looking Ahead in the Crypto Industry
Hester Peirce's continued support for cryptocurrency ETFs and her strong opposition to aggressive enforcement actions have earned her the nickname 'Crypto Mom' in the industry. With the SEC reconsidering its legal battles and regulatory strategy, industry participants are hopeful for a potential policy reset that could redefine the future of the crypto industry in the U.S.
The reevaluation of SEC's previous actions and potential strategy shift could significantly impact the crypto industry in the U.S.
